Intellectual Property Law Essay Help
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Free Guide; Intellectual Property law essay:
Intellectual property is the intangible creation of the human intellect. Intellectual property includes any inventions, information, etc, which is unique and possessed by the individual who through his intellect dsiscovered its possibility. Intellectual property law is a framework that protects and safeguards individuals or an entity's discovery from falling into other hands who may take credit for another individuals or entity's intellectual creation for their benefit.
By ensuring Intellectual laws within a society has their benefits it allows innovation which leads to creation and discovery for other intellectual creations which allow technological innovation and progress in the economy.
This provides firms and businesses the competitive edge over their competitors which leads to healthy competition in the market allowing innovations to attract consumer demand and allowing generation of revenue into the economy.
Components of Intellectual Property Law:
There are four major components to Intellectual Property Law that ensure that an individual and entity's intellectual creation is preserved and safeguarded under the protection of the law.
1. Patent: To safeguard the personal property of any individual or entity the exclusive right of the patent is offered. This right is usually offered for an invention that creates new ways of doing a particular work, the technical information about the invention is publicly disclosed.
2. Trademark: trademark is considered a recognizable sign of any entity through which they conduct business is also considered the brand identity of a firm or a business. Under the Trademark Act, 1938 ensures the rights of firms and businesses to protect and safeguard their trademarks into falling in other hands.
3. Copyright: This allows individuals and entity's the exclusive right to make copies of a creative creation for a limited period. This allows the sole inventors the right to make copies of their intellectual creations and further distribute them as part of business activity. The Copyright Act of 1976 allows individuals and entities to protect and further make copies of their intellectual property however they deem.
4. Trade secret: Any practice or process which is not known outside the company. These are usually internal market research or product development which allows firms and businesses to have a competitive edge over their competitors. The Economic Espionage Act of 1996 safeguards firms and businesses confidential information from theft or leakage.
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